Course Guidelines for Equivalent Accounting Courses to Course #1

Title Suggestion or Standards—to help distinguish courses approved for transfer.

Principles of Accounting I or Financial Accounting

Preamble Statement (explanation of the guideline including reason for it, how developed, how used, includes both land-based and on-line courses, etc.)

This guideline was developed to facilitate transfer of the first two accounting courses among Minnesota State Colleges and Universities. These two courses are required for most baccalaureate business programs.

This guideline was developed by faculty representatives of the seven state university accounting programs and included consultation with their college faculty colleagues.

This guideline is applicable to land-based courses and MnOnline courses.

Course Description (include clarification of course purpose: preparer, user, or preparer and user)

Covers financial accounting concepts from a “user” perspective and focuses on the application of these concepts in real-world environments. The central theme emphasizes how economic information is identified, measured, and communicated.  This course places greater emphasis on analysis and decision-making than on the recording of debits and credits, which is a “preparer” perspective.

(See course content in a subsequent section.)

Prerequisites

Grade of C or better in the course being transferred, Principles of Accounting I or Financial Accounting.

Total Number of Credits

Minimum of 3 or 4 semester credits.

More than accounting knowledge, the higher level learning outcomes of Bloom’s Taxonomy—comprehension, analysis and evaluation—are sought; at least 80% of the outcomes must reflect these higher levels. 

Listed below are three comprehensive outcomes for this course.  Immediately following each outcome is an example of a measurable outcome.

1.      Comprehension of the strategic role of financial accounting information in a strategic decision making environment.  An example of an outcome is this area might be:

“Ability to compare and contrast the cash and accrual bases of accounting for revenues and expenses.”

2.      Critical analytical ability to apply the relevant accounting concepts and principles to decision making situations.  An example of an outcome in this area might be:

“Ability to evaluate the impact on the financial statements of using various inventory costing methods.”

3.      Ability to evaluate the applicability of financial information to strategic decision making.  An example of an outcome in this area might be:

“Ability to assess the financial strengths and weaknesses of an organization by analyzing the financial statements utilizing ratio and other analysis methods.”

Standards for Evaluating Student Learning Outcomes

Student learning outcomes must be assessed through the use of examinations and other appropriate evaluative tools.

Textbook Name/Author/Publisher/Edition (examples of acceptable textbooks)

University-level textbook with a user emphasis.

The accounting model

Financial Statements: balance sheet, income statement, statement of owner’s equity, and disclosures

Income measurement and accrual accounting

Accounting Principles & Assumptions (Accounting Theory)

Merchandise accounting and internal control

Accounting for assets—including current, fixed, and other assets

Time value of money

Accounting for liabilities—including current and long term liabilities

Accounting for owners’ equity–including the different forms of ownership of sole proprietor, partnerships, and corporations

Statement of Cash Flows (needed by Metropolitan State University and MSU Mankato*)

Financial Statement Analysis (needed by Metro and MSU Mankato*)

Course Guidelines for Equivalent Accounting Courses to Course #2

Title Suggestion or Standards—to help distinguish courses approved for transfer.

Principles of Accounting II or Managerial Accounting

Preamble Statement (explanation of the guideline including reason for it, how developed, how used, includes both land-based and on-line courses, etc.)

This guideline was developed to facilitate transfer of the first two accounting courses among Minnesota State Colleges and Universities. These two courses are required for most baccalaureate business programs.

This guideline was developed by faculty representatives of the seven state university accounting programs and included consultation with their college faculty colleagues.

This guideline is applicable to land-based courses and MnOnline courses.

Course Description (include clarification of course purpose: preparer, user, or preparer and user)

This course focuses on strategic decision-making related to cost analysis and cost management. Topics include product costing, cost-volume-profit analysis, activity-based costing, how costs behave, relevant information, capital budgeting, and performance measurement. Thus, the focus is on use of information rather than its preparation. 

Prerequisites

Principles of Accounting I or Financial Accounting or equivalent

Total Number of Credits

Minimum of 3 or 4 semester credits

More than accounting knowledge, the higher level learning outcomes of Bloom’s Taxonomy—comprehension, analysis and evaluation—are sought; at least 80% of the outcomes must reflect these higher levels. 

Listed below are three comprehensive outcomes for this course.  Immediately following each outcome is an example of a measurable outcome.

1.      Comprehension of the strategic role of financial and non-financial accounting information in a strategic decision making environment.  An example of an outcome in this area might be:

“Ability to describe, compare and contrast traditional and contemporary management accounting systems.”

2.      Critical analytical ability to apply the relevant accounting concepts and principles to decision making situations.  An example of an outcome in this area might be:

“Ability to evaluate capital investment opportunities using appropriate investment analysis techniques.”

3.      Ability to evaluate the applicability of financial and non-financial information to strategic decision making.  An example of an outcome in this area might be:

“Ability to compile and analyze financial and non-financial information to differentiate among choices in making short-run non-routine decisions.”

Standards for Evaluating Student Learning Outcomes

Student learning outcomes must be assessed through the use of examinations and other appropriate evaluative tools.

University-level textbook with a user emphasis.

Course Content-Topics Taught